StubHub initiated with an Outperform at Wedbush

Wedbush analyst Scott Devitt initiated coverage of StubHub (STUB) with an Outperform rating and $25 price target The firm notes that following a period of modest performance, StubHub is repositioning the business for sustainable longer-term growth, supported by market share gains in North America, reinforced by an aggressive sales and marketing strategy, adoption of the direct issuance model, which will strengthen the company’s TAM, ongoing international expansion in a largely underpenetrated market, and platform innovation to improve the experience for both buyers and sellers. Wedbush sees a multi-year runway of robust growth ahead of peers, primarily supported by an inflection in growth of the direct issuance segment in the coming periods.